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Low growth 'balancing' market, says IEA



By Upstream staff 

The head of the International Energy Agency (IEA) said today he believed the global oil market was well-balanced as a result of lower then expected demand growth.

The IEA's executive director Claude Mandil told Reuters the agency remained on alert for signs that oil supplies were insufficient. The IEA, adviser to the world's industrialised nations, ordered a release of oil stocks in September after Hurricane Katrina knocked out US Gulf coast refiners.

"For the time being the market is well balanced because demand is less than expected," Mandil told Reuters on the sidelines of a London conference.


Tuesday, 01 November, 2005, 13:09 GMT  | last updated: Tuesday, 01 November, 2005, 13:09 GMT

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